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HomeMy WebLinkAbout04-09-2018PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting April 9, 2018 Mounds View City Hall 2401 County Road 10, Mounds View, MN 55112 1. CALL MEETING TO ORDER President Mueller called the meeting to order at 6:00 p.m. 2. ROLL CALL: President Mueller, Vice President Gunn, Commissioner Bergeron Commissioner Hull, Commissioner Meehlhause, and Executive Director Zikmund. NOT PRESENT: None. 3. APPROVAL OF AGENDA MOTION/SECOND: Gunn/Bergeron. To Approve the April 9, 2018, Agenda as presented. Ayes – 5 Nays – 0 Motion carried. 4. PUBLIC INPUT None. 5. CONSENT AGENDA A. February 26, 2018, EDA Minutes. B. March 12, 2018, EDA Minutes. MOTION/SECOND: Meehlhause/Bergeron. To Approve the Consent Agenda as presented. Ayes – 5 Nays – 0 Motion carried. 6. EDA BUSINESS A. Resolution 18-EDA-310, a Resolution Consenting to the Process for the Creation of a Housing Tax Increment Financing District in Support of the Proposed Triton Multiple Family Housing Project, and Approval of a Letter of Support for the Project. Mounds View EDA April 9, 2018 Regular Meeting Page 2 Business Development Coordinator Beeman requested the EDA adopt a Resolution consenting to the process for the creation of a housing Tax Increment Financing District in support of the proposed Triton multiple family housing project and approve a Letter of Support for the project. He reported the City Council had discussed the Triton affordable housing project at their April 2nd worksession meeting. He reported the consensus of the Council at this meeting was to move forward. President Mueller explained she had presented staff with several questions prior to the meeting. Business Development Coordinator Beeman recommended the developer come forward to address these questions. President Mueller asked who would be the majority owner for the proposed project. Becky Landon, Newport Midwest, commented on the tax code requirements for tax credits. She reported the tax credits would be sold in order to cover the construction costs. She explained the investors are typically not local. She noted Alliant, US Bank and Wells Fargo were big tax credits investors. She indicated Newport Midwest and Journey Home would be the general manager for the property making the day to day decision. She reported this would be a long-term ownership for Newport Midwest and Journey Home. President Mueller questioned what the average median income (AMI) would be for the proposed affordable units. Ms. Landon stated the proposed units would be offered to those living at 50% of the AMI. She reported the rents would be set to be affordable for those living at 50% to 60% AMI. President Mueller inquired why only four units would be assigned for veterans and their families. Ms. Landon discussed the State’s fair housing requirements and noted the recent tax changes addressed housing preferences. She noted it was her understanding housing preferences could be made for veterans. President Mueller asked if MACV would be forthcoming with the number of veterans and their families that were on affordable housing waiting lists. Ms. Landon stated she would have to investigate this further. President Mueller commented the close proximity to schools, bus services and other amenities were valuable to this project. She stated her only concern with this project was how the City would determine if the “but for” statement was being met for the proposed TIF district. Ms. Landon explained tax credits had a prescriptive calculation on how they could be awarded for construction costs. She noted the “but for” statement had more to do with the financial gap for the project. She reported it would be her responsibility to demonstrate the need for financial assistance to the City. She provided further comment on the accessibility within the second and third floor development. Mounds View EDA April 9, 2018 Regular Meeting Page 3 MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 18-EDA-310, Consenting to the Process for the Creation of a Housing Tax Increment Financing District in Support of the Proposed Triton Multiple Family Housing Project, and Approval of a Letter of Support for the Project. Ayes – 5 Nays – 0 Motion carried. 7. REPORTS City Administrator Zikmund reported he had lunch with the Arden Hills City Administrator and stated they spoke about TCAAP. He explained the Master Developer, Alatus, has published a draft development schedule noting the goal would be to have the site graded and ready for development by the end of 2019. He indicated the TCAAP project had a projected build out timeline of 15 years. 8. NEXT EDA MEETING: Monday, April 23, 2018 at 6:00 p.m. 9. ADJOURNMENT President Mueller adjourned the meeting at 6:22 p.m. Respectfully submitted, Recorded and transcribed by: Heidi Guenther TimeSaver Off Site Secretarial, Inc.